As technology continues to revolutionize the way members interact with their credit unions, most credit unions remain hard-pressed to keep pace without breaking their budgets.
A major source of stress that hinders a credit union’s success is the cost and complexity of core integrations. When each new application requires its own customized implementation into core systems, it creates a significant amount of unnecessary work. Multiplied for each application that needs to be integrated separately, the result is hundreds of hours and other resources needlessly spent.
A change in perspective
Instead of thinking of proprietary core integrations as a problem we have no control over, consider it as a tremendous opportunity to unleash the true potential of credit union value and promote the success of members.
“One of the biggest pain points, one of the most expensive things that we do, and one of the things that delays our speed to market, is integrating different software, says Jeff Johnson, chief information officer at BCU.
Most of information exchanged in the industry is the same, just organized differently with slightly different naming. The differentiation needed by core providers’ only accounts for 1%-2% of all content. By working together on core integrations, non-valued costs and complexity can be reduced by 98%, and still ensure product and service differentiation of cores.
Take control of your system integration
The technical barriers brought on by proprietary core integrations are a widespread problem for technology service providers and credit unions. An industry enabling initiative led by CUNA Technology Council, Credit Union Financial Exchange (CUFX), is a no-cost, vendor agnostic standard designed specifically to support core and 3rd party integrations to credit unions.
Join the growing movement of cores, 3rd party vendors and credit unions using CUFX to enable competive advantage and advance member value.
Ask to use CUFX in your next core integration effort and unleash your true potential.